Solana (SOL) is in a precarious situation after dropping below the $60 support zone on November 20. As of now, Solana’s current price is $58.21, showing a 2.36% increase in the last 24 hours.
Despite this, key indicators for Solana are optimistic, indicating a likely recovery to the $60 price level in the near future.
SOL 7D chart. Source: CoinMarketCap
Solana’s Struggle at $60: A Battle for Recovery
Following Solana’s impressive resurgence this year, its price witnessed a meteoric ascent, surpassing the significant milestone of $60 on November 15. However, bears intervened, preventing Solana from establishing support above this crucial level, leading to a retracement to a low of $51.6 on November 22.
The endeavor to reclaim the $60 threshold has emerged as a formidable challenge for SOL bulls in recent times. The current scenario, highlighted by a 6.64% surge in trading volume to $1,374,937,101, indicates a notable influx of retail investors into the market. Their increasing presence holds the potential to bring stability to SOL’s price as it endeavors to regain lost ground. The ongoing battle at $60 showcases the determination and resilience of both bulls and bears in shaping Solana’s trajectory.
Solana’s Aspirations Beyond $60: Aiming for Previous Highs
While breaching the $60 price target may appear challenging in the short term, it’s crucial to acknowledge Solana’s history of trading at much higher levels. Prior to the FTX collapse in 2022, Solana achieved an all-time high (ATH) of $260. This suggests that the overarching objective is not just reaching $60 but eventually retesting and surpassing this ATH by successfully conquering intermediate price levels.
Solana has successfully detached itself from the repercussions of the FTX implosion. Despite the ongoing coin sell-offs by the bankrupt exchange, Solana has established itself as a significant anchor, naturally attracting additional liquidity. This resilience and detachment from past challenges position Solana with the potential to make strides beyond immediate targets, reflecting its ambitions to reclaim and exceed previous highs.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
